An auto insurance policy is not necessarily a fixed line of coverage that is unable to be altered. Your insurance policies should fit your life and so, as your life changes, so does your insurance.

This means that at least once a year, you should check your policy to ensure that no adjustments need to be made for it to be effective and accurate for your life.

Here are a few tips to consider when making adjustments to your policy:

Do you have uninsured motorist coverage?If you don’t already have uninsured or underinsured motorist coverage, then you need to add it to your policy. In most states, it is required by law to have but also, without it, an accident with an underinsured or non-insured motorist could become a large financial burden.

Average annual miles driven: Have you moved closer to your office or changed jobs that don’t require you to drive as much? These changes could affect your insurance policy. The more miles you drive, the more you are seen as a risk you pose to your insurance. The less miles driven, the less your insurance policy premium will be. Every year, make sure you report any major changes to them.

Adjust your limits:Every year, medical care costs rise and so, limits for your insurance costs may need to change to fully cover you, or another person, in case of an accident. In addition, cars and other personal property are only getting more expensive. Keeping these costs in mind, it is a good idea to reevaluate the limits on your insurance policy.

Are there any applicable discounts? Extras to your car such as anti-theft devices, alarms and steering wheel locking devices can reduce your insurance premium. In addition, there are apps that some insurance companies provide that offer drivers discounts when they are downloaded and utilized. Also, most insurance companies award a discount for taking defensive driving classes. Every year before you renew, consider which of these discounts you might qualify for.

Change your deductibles: As the years go by, your current deductible may change. Some years, finances may be tight each month so you choose to have a higher deductible so the monthly premium is lower. However, a raise or a job change could bring a bigger pay check which gives you the option of being able to have lower deductible but a higher monthly premium. Keeping your deductible at an accurate level for your budget will help to control your risk exposure and your premium.

The next time you renew your auto insurance, remember these tips and update your policy so that it works for your current life—not the one you had when you originally took out the policy. Call Loftis & Wetzel Corporation at 855-360-0466 with any questions you may have about your Edmond Auto Insurance. We take the time to listen, get to know you, and help you design a custom insurance package to fit you and your life.

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